NIAGARA FALLS, N.Y. -- The U.S. Securities and Exchange Commission has approved the settlement of a lawsuit against JBI Inc., a clean energy company that recycles waste plastic into fuel, and its former CEO, John Bordynuik, the company announced.

The SEC filed a lawsuit in January 2012 alleging the Niagara Falls company and Bordynuik had reported false and inaccurate information on its financial statements in 2009. Bordynuik has since stepped down from the position.

The settlement, which awaits court approval, would require the company to pay a civil penalty of $150,000 and Bordynuik to pay $110,000, the company said in a news release.

"This is a very positive development in the life of our company, and we are pleased that this matter has been resolved," Kevin Rauber, the company's CEO, said in the release.